Burlington Stores, Inc. (NYSE:BURL) shares dropped sharply in price Thursday morning, on failure of its fourth-quarter financial numbers to live up to expectations.
The company, based in Burlington, New Jersey, said total sales for the 13-week period increased 2.8% over last year’s 14-week period to $1,991 million. As a reminder, last year’s 53rd week added $82 million in sales to the fourth quarter of Fiscal 2017. Excluding the 53rd week last year, total sales increased 7.4%.
New and non-comparable stores contributed an incremental $173 million in sales during the quarter. Comparable store sales increased 1.3% on a shifted basis, on top of last year’s 5.9% comparable store sales increase and a 4.6% increase during the fourth quarter of Fiscal 2016.
Net income on a 13-week basis was $184 million, or $2.70 per share, vs. $241 million, or $3.47 per share, on a 14-week basis last year.
CEO Tom Kingsbury said "Despite our fourth-quarter sales performance coming in below our expectations, we nevertheless exceeded our Adjusted EPS guidance through disciplined expense management. It is important to note that the fourth quarter represented our most difficult Fiscal 2018 one- and two-year quarterly comparable store sales comparisons.
"While we are disappointed with how the year ended from a sales perspective, we did have a solid Fiscal 2018 on both the top and bottom line."
Shares hurtled earthward $20.16, or 12.1%, to $147.02
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